Condominiums are a very different type of property ownership. Though you will own your unit, you will also share common features in the condominium complex. Features like fitness rooms, parking areas, swimming pools and the like. You will pay a monthly, quarterly, bi-annual or annual homeowners association (HOA) fee which pays for the common areas. A condo owner is free to rent out their unit, however some HOAs enforce limits on the number of units within the community that can be rented out, because a high number of renters raises the HOA’s exposure to liability and risks.
Co-op owners have a percentage of ownership of their building and property, predicated on the size of their units but don’t own their individual units. They are operated like a corporation in which homeowners are shareholders. They have the right to approve new owners-occupants based on financial considerations and they can reject applicants they don’t like. They cannot, however, discriminate against protected classes such as race, creed, age or gender.
